Arweave/Bitcoin (ARBTC) Market Overview: 24-Hour Consolidation and Bearish Pressure

• Arweave/Bitcoin (ARBTC) traded in a tight range, with a final 24-hour close at $4.65e-05.
• Price formed a bearish consolidation pattern, with volume peaking in the afternoon ET.
• Key support at $4.66e-05 held multiple times, while resistance near $4.89e-05 failed.
• RSI dipped into oversold territory, but lacked follow-through buying.
• Bollinger Bands contracted mid-day before a sharp downward break.

Market Summary

Arweave/Bitcoin (ARBTC) opened at $4.81e-05 on 2025-10-08 at 12:00 ET, reaching a high of $4.90e-05 and a low of $4.58e-05 before closing at $4.65e-05 on 2025-10-09 at 12:00 ET. Total 24-hour trading volume amounted to 2,673.67 BTC, with a notional turnover of $127.84 (based on closing price). The pair remained in a tight range for most of the period, only to see a sharp bearish breakout in the late afternoon.

Structure & Formations

Price action over the past 24 hours displayed a textbook bearish consolidation pattern, with key resistance levels at $4.89e-05 and $4.87e-05 failing to hold after initial attempts to rally. A significant bearish engulfing pattern formed at $4.89e-05 in the evening hours. Support at $4.66e-05 proved resilient, with several tests over the last 24 hours but no meaningful follow-through. A long lower shadow at $4.58e-05 suggests some short-covering pressure, though it has yet to confirm a reversal.

Backtest Hypothesis